Health & Wellbeing

Why financial wellbeing includes having a will

A will isn't just about death — it's about taking control of your financial life and protecting what you've built.

⚡ The Short Answer
Financial wellbeing means being in control of your money — now and in the future. A will is part of that control. Without one, you're leaving your family's financial future to chance and outdated laws.

Beyond budgets and savings

When people think about financial wellbeing, they usually think about:

  • Paying off debt
  • Building savings
  • Investing wisely
  • Retiring comfortably

All important. But there’s a missing piece: what happens to all of it if you’re not here?

A will completes your financial plan by ensuring everything you’ve worked for goes where you want it to go.

Control is the foundation

Financial wellbeing isn’t just about having money. It’s about:

  • Security — Knowing your family will be okay
  • Control — Deciding what happens to your assets
  • Peace of mind — Not worrying about the “what ifs”
  • Legacy — Passing on what matters to you

A will gives you control over the biggest financial event your family will ever experience — receiving (or not receiving) what you leave behind.

The cost of not having a will

Without a will:

Financial costs:

  • Legal fees for administration are higher
  • Court applications cost money
  • Delays mean assets sit frozen while bills keep coming
  • Family disputes cost everyone

Opportunity costs:

  • Assets distributed by formula, not strategy
  • Tax planning opportunities missed
  • Super may go to the wrong people
  • Your carefully built wealth gets scattered

Emotional costs:

  • Family conflict and resentment
  • Uncertainty during grief
  • No clear direction for loved ones
  • Your intentions never known

💡 Perspective: You spend time choosing investments, comparing interest rates, and tracking your super. Why leave the final distribution of all that effort to chance?

Part of a complete financial plan

A good financial plan includes:

  • ✅ Budget and cash flow management
  • ✅ Emergency fund
  • ✅ Debt reduction
  • ✅ Insurance protection
  • ✅ Superannuation strategy
  • ✅ Investment portfolio
  • ✅ Retirement planning
  • ✅ Estate planning (including a will)

Your financial adviser probably talks about all of these. If they don’t mention estate planning, ask why not.

Protection for your family

Financial wellbeing isn’t just about you. It’s about the people who depend on you:

  • Spouse/partner — Will they have access to money immediately? Can they pay the mortgage?
  • Children — Are they provided for? Is someone managing money for them?
  • Parents — If you support them, who continues that support?
  • Business partners — Is your share of the business protected?

A will is a safety net for everyone connected to you financially.

Super and insurance alignment

Your super and life insurance are major financial assets. But they sit outside your will unless you coordinate them:

  • Super binding nominations — Direct who receives your super
  • Life insurance beneficiaries — Ensure alignment with your will
  • Income protection — Who receives payments if you’re disabled?
  • TPD insurance — How does this fit your overall plan?

Financial wellbeing means all these pieces work together.

The peace of mind dividend

There’s a financial return to having your affairs in order:

  • Reduced stress — You’re not carrying an undone task
  • Confident decisions — You know your family is protected
  • Better relationships — Conversations about money become easier
  • Focus on living — Less worry about what might happen

This is intangible but real. People with their affairs in order report higher financial confidence.

What complete financial wellbeing looks like

  • You know what you have
  • You know where it’s going
  • Your family knows what to do
  • Documents are up to date
  • Everything aligns — will, super, insurance
  • You’ve had the important conversations

It’s not complicated. It just takes a bit of time and intention.

What to do now

  1. Add “make/update will” to your financial to-do list
  2. Review your super binding nominations
  3. Check life insurance beneficiaries
  4. Have a conversation with your partner about finances
  5. Use our Preparation Checklist to organise your information
  6. Make a will that completes your financial plan
  7. Set a reminder to review annually

💡 One step: If your will is the only undone item in your financial plan, it's the most important one to complete. Everything else you've built is at risk without it.

Related: What is a will? · Why do I need a will?